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The price of Bitcoin is currently hovering around $28,500. While the battle for daily closing may continue, the recent fake ETF news did not fully recover the gains. However, the thousands of BTC entering exchanges can have worrisome consequences. But now, let’s talk about the SEC and its plans for 2024.
SEC and Cryptocurrencies
The US Securities and Exchange Commission (SEC) has released its 2024 examination guide, focusing on the topics it will prioritize for the coming year. The Examination Division of the SEC has been publishing this guide for over a decade, addressing the risks to registered companies and the general focus in various ways.
According to the report published today, the SEC has expanded the capacity of its examination division. Additionally, it was announced that various teams have been established to address cryptocurrencies, fintech, artificial intelligence, and cybersecurity in 2023. The SEC has already made its presence felt with a series of crypto-related lawsuits.
Crypto Plans
The regulatory body stated in the report that it will continue to monitor broker-dealers and advisors working in the crypto field next year. The SEC is also examining “automated investment tools, artificial intelligence, and trading algorithms.”
The report specifically mentions elderly investors and retirement assets. The risks in this area will be addressed next year. This is particularly important as the approval of a Bitcoin ETF will make it much easier for retirement funds to invest in BTC.
In today’s report, Director Richard Best wrote the following about the review requirements:
“Continuing to announce our review priorities to the public enhances the transparency of the review program. It also encourages firms to focus their compliance and supervisory efforts on areas that may pose potentially high risks for individual investors.”
It is expected that SEC members will increase their steps in the NFT and DeFi sectors next year. Especially, DeFi seems to be one of the SEC’s priority areas in the future. The report also states that institutional crypto services will be closely monitored. The emergence of crypto in the mainstream and ongoing regulatory efforts in the US are positive signs.